What’s Ahead For Mortgage Rates This Week – September 19, 2016

Last week’s economic news included reports on retail sales, inflation, and weekly reports on mortgage rates and new jobless claims.

Retail Sales Slip as Consumer Prices Inch Up

Retail sales dipped into negative territory in August with a reading of -0.30 percent as compared to expectations of -0.10 percent and July’s reading of +0.10 percent. Retail sales excluding auto sales were better at +0.30 percent. Analysts expected a reading of +0.20 percent based on July’s reading of -0.40 percent. August’s negative reading for retail sales was the first negative report since March.

Inflation fared better than retail sales with August’s Consumer Price Index reading at 0.20 percent. Analysts expected a reading of 0.10 percent; July’s reading was flat. Core Consumer Price Index readings for August are less volatile, as the Core CPI does not include readings for food and energy costs. August’s Core CPI reading was 0.30 percent. A reading of 0.20 percent was expected; July’s reading was 0.10 percent. It appears that inflation is creeping upward, but remains well below the Fed’s target reading of 2.0 percent.

Mortgage Rates, New Jobless Claims Rise

Freddie Mac reported higher mortgage rates across the board last week. The average rate for a 30-year fixed rate mortgage rose six basis points to 3.50 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.76 percent and the average rate for a 5/1 adjustable rate mortgage rose one basis point to an average of 2.82 percent. Average discount points were 0.50 for 30 and 15-year fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Low mortgage rates have helped home buyers, especially first-time and moderate income buyers, meet affordability challenges. Home prices have risen due to low numbers of available homes and high demand for homes. If mortgage rates continue to rise, fewer buyers will be able to qualify for mortgages and or afford asking prices for available homes.

Next week’s meeting of the Fed’s Federal Open Market Committee is expected to bring news of a Fed decision on raising the target federal funds rate. If the Fed raises its rate, consumer interest rates for mortgages, vehicles and other goods can be expected to increase as well.

What‘s Ahead

This week’s economic news includes the NAHB Housing Market Index, Commerce Department reports on housing starts and building permits issued and a Fed Statement at the conclusion of its Federal Open Market Committee meeting on Wednesday. Fed Chair Janet Yellen is also slated to give a press conference after the FOMC statement. The National Association of Realtors will also release a report on sales of previously owned homes.

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11955 Hamilton Way Flagstaff, AZ 86004

$750,000

3 Beds

2 Baths

2,108 SqFt

Status Active

MLS # 6750091

Property Type Single Family Residence

Price Type --

Escape to privacy & panoramic views with this stunning Timberline property! Set on over 2.5 acres, this 3-bed, 2-bath home features an expansive 2100+ sq ft layout with an open floor plan, vaulted ceilings, & elegant tile flooring. Step outside to a large deck & patio to soak in beautiful views of the San Francisco Peaks & Mt. Humphries. Complete with a 2-car garage, RV parking & 2 additional sheds, this wonderful property is surrounded by million dollar homes and has plenty of room for expansion. Bring your bikes, 4x4 or hiking boots as the home is located near miles of trails in the Coconino National Forest leading right from the neighborhood. This home has been a successful short term vacation rental for several years and offers both residential charm & great investment potential.

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4421 N 179th Drive Goodyear, AZ 85395

$750,000

5 Beds

3 Baths

3,469 SqFt

Status Active

MLS # 6722173

Property Type Single Family Residence

Price Type --

Single Level Pool and Spa Home with Swim-Up Bar and Outdoor Kitchen and 3 Car Garage! This single-level property offers the ultimate in outdoor living and entertaining. Featuring a luxurious pool and spa, you can relax and unwind in style. While the interior needs some TLC, it presents a fantastic opportunity to customize the home to your taste and preferences. Whether you are looking to make minor updates or complete a full renovation, this home is a blank canvas waiting for your personal touch. The unique swim-up bar and sunken covered outdoor kitchen with a seating area create a resort-like atmosphere right in your backyard. The exterior boasts extensive travertine hardscaped flooring and low-maintenance artificial grass, ensuring your yard remains beautiful all year round.

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6419 N 75th Avenue Glendale, AZ 85303

$750,000

3 Beds

2 Baths

2,701 SqFt

Status Active

MLS # 6730269

Property Type Single Family Residence

Price Type --

This home sits on over 21,000 square foot lot and is a unique single-story home with lots of potential. Two brick fireplaces and country galley kitchen. Unique home built from block construction offers an Arizona room and much more.

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10436 E Cochise Avenue Scottsdale, AZ 85258

$750,000

2 Beds

2.5 Baths

2,041 SqFt

Status Active

MLS # 6757868

Property Type Townhouse

Price Type --

This exceptionally maintained home features numerous quality updates, including slab granite countertops, soft-close cabinetry, stainless steel appliances, updated plumbing fixtures, and tile shower surrounds. The vaulted ceilings and abundant natural light create a welcoming atmosphere. Both bedrooms have ensuite bathrooms for added privacy. Enjoy the spacious North-facing patio on a corner lot with ideal N/S exposure. The oversized 2-car garage includes built-in storage. Located in a 55+ community with pools, tennis courts, and Lake Serena, it's less than a mile from Scottsdale Senior Center. Furnishings included.

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14424 N San Carlos Drive Fountain Hills, AZ 85268

$750,000

4 Beds

2 Baths

2,296 SqFt

Status Active

MLS # 6756586

Property Type Single Family Residence

Price Type --

You don't want to miss this 4-bedroom gem! It greets you with a 2-car garage and an RV gate/parking. Inside, you'll feel at home with inviting features such as plantation shutters, vaulted ceilings, carpet & tile floors, and a sizable living/dining room with wall niches and a gas fireplace. Cook delightful meals in the quaint kitchen, boasting SS appliances, a plethora of wood cabinets, ample counters, and a serving window with a breakfast bar. Unwind in the sizable main suite showcasing a sitting area, direct backyard access, and a private bathroom with dual sinks and a soaking tub. Enjoy serene afternoons in the backyard with a covered patio, paver patio, and ample space for a pool! Make it yours now!

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2074 N 139th Drive Goodyear, AZ 85395

$750,000

3 Beds

2.5 Baths

2,342 SqFt

Status Active

MLS # 6752460

Property Type Single Family Residence

Price Type --

Welcome to your Backyard Entertainment Paradise. This exceptional property is like no other in this community. This home boasts a resort style heated pool for year round comfort, waterfalls, heated Spa with Baja Shelf/double spillway, Travertine deck, Custom Built In BBQ. Misting system at Patio with remote controlled Zipper Sun Shades to cool a full length patio. The gourmet kitchen features elegant white cabinetry with upgraded KitchenAid Stainless Steel appliances, gas cooktop, quartz countertops, and a spacious center island with bar seating. 3 glass sliders are adjacent to the Great Room. Large Glass Slider at Primary Bedroom is just steps from the pool or relax in the Luxurious Free Standing Tub in Primary Bath. Custom Plantation Shutters, Every detail in this home has been thoughtfully upgraded from tile flooring, plush carpet in the bedrooms, modern fans and lighting, as well as high-quality doors, baseboards, and hardware. The large laundry room provides ample storage with upper and lower cabinets, a utility sink, and plenty of counter space. In addition to the master suite, there are two more bedrooms and a flexible space that can be used as a home office or playroom. The 3-car tandem garage features built-in cabinets, a workbench, and a convenient service door leading to the side yard. This home offers the perfect combination of luxury, comfort, and style.

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230 E Appaloosa Court Gilbert, AZ 85296

$750,000

5 Beds

3 Baths

3,300 SqFt

Status Active

MLS # 6752669

Property Type Single Family Residence

Price Type --

This is an amazing floorpan! Luxurious 5 Bedroom home with tons of natural light. Walking distance to downtown Gilbert and all the restaurants. Each room is generously sized, offering either a walk in closet or two closets. Entertainer's kitchen ready for all the parties, opens up perfectly to the formal dining room and huge living space. Vaulted ceilings, tile in the right places. Outside your private oasis awaits with a sparkling pool perfect for hot Arizona summers. Worried about storage? 3 car garage and tons of closets to store everything! This home provides upscale living and an unbeatable location with pretty much everything you've been looking for. Great neighborhood with walking paths and right across from a great gym, on a culdesac lot and just down from the park.

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31730 N 169th Avenue Surprise, AZ 85387

$750,000

4 Beds

2.5 Baths

2,800 SqFt

Status Active

MLS # 6717678

Property Type Single Family Residence

Price Type --

Brand new property that encapsulates luxury and functionality. This stunning residence boasts 4 bedrooms and 2.5 bathrooms, accompanied by a versatile Hobby Room. Expanding over 2800 SqFt, this home harmoniously blends spaciousness with coziness. With a 2 Car Garage and an additional 43ft RV Garage, set on a sprawling 1.13-acre lot, this property is a haven for practicality and adventure. Step inside to discover the timeless allure of vinyl plank flooring, complemented by quartz counters and elegant white shaker cabinets. The thoughtfully designed Jack and Jill bathroom enhances convenience and privacy. Nestled in a prime location, this home is nearby brand new Fry's Marketplace, Starbucks, Barro's Pizza, Jersey Mike's, and more!

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844 E Desert Drive Globe, AZ 85501

$750,000

4 Beds

4 Baths

2,771 SqFt

Status Active

MLS # 6752939

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This beautifully designed 4-bedroom, 4-bathroom custom residence offers the perfect blend of luxury, comfort, and convenience. The main home has 3 generously sized bedrooms, and 3 spa-like bathrooms. There is a separate guest suite with its own entrance off the rear patio. Every detail of this home has been thoughtfully designed with high-end finishes, including tile floors, beehive gas fireplace, custom cabinetry, and a whole house backup generator. The chef's kitchen is a culinary dream, featuring newer premium appliances, tons of counter space, 2 wine fridges, and plenty of storage space. Enjoy outdoor living at its finest with a luxurious hot tub, perfect for unwinding after a long day. The built-in BBQ area is ideal for hosting gatherings.

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9002 E Stoney Vista Court Sun Lakes, AZ 85248

$750,000

2 Beds

2 Baths

2,735 SqFt

Status Active Under Contract

MLS # 6748164

Property Type Single Family Residence

Price Type --

Discover this wonderful home nestled in the well-known adult community of Oakwood at Sun Lakes, with nearby walking paths, tennis, pickleball, golf, fitness center, clubs and on site restaurant. Come inside to find an inviting living room, great room, and a flexible den/office. Highlights include vaulted ceilings, plantation shutters, 2 indoor and 1 outdoor fireplace and gorgeous wood floors. Fabulous kitchen won't disappoint, equipped with plenty of cabinets & cupboards with crown moulding, recessed & pendant lighting, stainless steel appliances, granite counters, and a convenient breakfast bar. Spacious primary bedroom has direct outdoor access, an ensuite and a walk-in closet. The backyard will make you feel like you're on vacation every day, perfect for entertaining or escaping in your very own private oasis!

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3112 Pioneer Trail Flagstaff, AZ 86005

$750,000

2 Beds

2 Baths

1,216 SqFt

Status Active

MLS # 6730484

Property Type Single Family Residence

Price Type --

Amazing off the grid northern AZ sanctuary. Relax among the ponderosa pines in this secluded Chalet that boasts all the modern charm and luxury. Indoor-outdoor living with a spacious wrap-around balcony and covered porch. Newly installed laminate flooring throughout the main floor. Beautiful stone fireplaces located in the Great Room and upstairs Master (loft) bedroom. Eco-Friendly home with plenty of on-site Solar Panels, (batteries) power storage, water capture system and a back-up generator for anyone looking for a weekend getaway or a full-time residence. RV hook-up for additional guest flexibility. Whether you prefer to hike, ski, bike, fish or ride, this this is the only way to enjoy the gorgeous northern Arizona outdoors! All interior furnishings are available to purchase.

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31712 N 169th Avenue Surprise, AZ 85387

$750,000

4 Beds

2.5 Baths

2,800 SqFt

Status Active

MLS # 6669534

Property Type Single Family Residence

Price Type --

Brand new property that encapsulates luxury and functionality. This stunning residence boasts 4 bedrooms and 2.5 bathrooms, accompanied by a versatile Hobby Room. Expanding over 2800 SqFt, this home harmoniously blends spaciousness with coziness. With a 2 Car Garage and an additional 43ft RV Garage, set on a sprawling 1.1-acre lot, this property is a haven for practicality and adventure. Step inside to discover the timeless allure of wood plank tile flooring, complemented by quartz counters and elegant white shaker cabinets. The thoughtfully designed Jack and Jill bathroom enhances convenience and privacy. Nestled in a prime location, this home is nearby brand new Fry's Marketplace, Starbucks, Barro's Pizza, Jersey Mike's, and more!

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